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Press Releases

January 20, 2020
Wallbridge Drilling Starting to Outline Open Pit Potential in Area 51

Toronto, Ontario -- January 20, 2020 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce that in addition to recent high-grade results in the Lower Tabasco Zone (see Wallbridge Press Release dated January 06, 2020), the ongoing exploration drilling has also intersected wide zones of gold mineralization showing bulk mining potential in Area 51 on its 100%-owned Fenelon Gold Property ("Fenelon" or the "Property").

"Our focus on the property over the last few months has been dedicated to achieving several goals. Firstly, we are following up on high-grade, underground bulk-minable resource development particularly in the Lower Tabasco Zone. Secondly, while drilling for the Lower Tabasco Zone, we are testing the Area 51 zones and as such are beginning to determine both the open-pit and underground bulk mining resource potential for Area 51. The wide intersections of near-surface gold mineralization, such as 1.21 g/t Au over 70.99 metres in hole FA-19-080, identified in the Andromeda Corridor of Area 51, have the potential to positively impact the overall economics at Fenelon", stated Marz Kord, President & CEO of Wallbridge. "Fenelon is situated along the Sunday Lake Deformation Zone, the same structure which hosts the Detour Lake mine, one of Canada's largest open pit gold mines; the near-surface drill results to date and the indications of its expansion to the south and to the west are reminiscent of the Detour Gold's early development."

Area 51 Andromeda Corridor Highlights (Exploration Drilling)

FA-19-080:

1.21 g/t Au over 70.99 metres in the Enterprise zone, including
5.13 g/t Au over 7.29 metres, 38.26 g/t Au over 0.59 metres and 3.56 g/t Au over 3.66 metres
5.72 g/t Au over 3.83 metres in the Milky Way zone and
11.21 g/t Au over 1.87 metres in the MIB zone (see Figs. 1, 2 and 4).

19-0915-011:

1.01 g/t Au over 132.00 metres, including
20.05 g/t Au over 3.88 metres (which includes 101.00 g/t Au over 0.67 metres) in the
Interstellar zone, 2.68 g/t Au over 4.11 metres in the Enterprise zone, and 2.35 g/t Au over
7.80 metres
(which includes 15.48 g/t Au over 0.91 metres) in the Laika zone (see Figs. 1, 2, 8 and 9).

19-0915-016:

0.88 g/t Au over 167.31 metres, including
18.81 g/t Au over 0.67 metres in the Interstellar zone, 2.05 g/t Au over 44.47 metres (which
includes 6.81 g/t Au over 6.29 metres and 3.46 g/t Au over 9.63 metres) in the Laika zone and
10.40 g/t Au over 1.73 metres in the Titan zone (see Figs. 1, 2
and 9).

FA-19-090:

1.52 g/t Au over 31.10 metres, including
10.85 g/t Au over 1.78 metres and 13.56 g/t Au over 1.60 metres in the Laika zone and 3.15 g/t
Au over 10.84 metres
, including 12.56 g/t Au over 2.47 metres in the Titan zone (see Figs. 1,2 and 9).

FA-19-092:

1.53 g/t Au over 19.95 metres, including 13.81 g/t Au over 0.85 metres (see Figs. 1,2 and 9).

FA-19-099:

1.86 g/t Au over 18.92 metres, including 7.73 g/t Au over 3.53 metres in the Titan zone (see Figs. 1 and 9).

Lower Tabasco Zone Highlights (Exploration Drilling)

FA-19-099:

Further gold-bearing assay results have been received surrounding the interval of 5.06 g/t Au
over 15.15 metres
announced in Wallbridge Press Release dated January 06, 2020. The intersection
is now updated as follows (see Figs. 1, 3 and 9):

4.16 g/t Au over 35.55 metres, including

     6.95 g/t Au over 7.50 metres and

     6.72 g/t Au over 7.50 metres

FA-19-075:

3.03 g/t Au over 18.49 metres, including 6.18 g/t Au over 8.00 metres (see Figs. 1,3 and 6)

"The updated interval of 4.16 g/t Au over 35.55 metres in FA-19-099, which is currently our deepest intersection at Fenelon, highlights the continuing strength of the gold system at 850 metres vertical depth and we are looking forward to testing this zone down to 1,500 metres with this year's drill program," stated Attila Péntek, Vice President Exploration of Wallbridge. "In addition to receiving assays over the next several weeks from a number of visually strong intersections in the Lower Tabasco Zone, such as FA-019-096, -098, -103 and -104, we are looking forward to results from several near-surface intersections, such as in holes FA-19-098 and FA-19-106, to continue demonstrating the open pit resource potential in the Andromeda Corridor."

Main Gabbro, Serrano Zone Highlights (Definition Drilling)

19-1110-004:

4.74 g/t Au over 5.88 metres, including 31.90 g/t Au over 0.60 metres

19-1110-010:

19.44 g/t Au over 3.27 metres, including 65.20 g/t Au over 0.80 metres

2019/2020 Drill Program

Six drill rigs are currently active on the Property: five are focusing on exploration drilling from surface, doing large-spaced step-outs to define the footprint of the Fenelon gold system, and one underground drill rig is doing more closely spaced definition drilling of the Main Gabbro zones near the existing mine workings. A total of 75,000 metres were drilled in 2019 and the program will be continuing in 2020 with the same drilling rate of approximately 9,000 metres per month for a total of 100,000 to 120,000 metres.

Assay results of 8 surface holes and 23 underground holes of the 2019 exploration drill program are reported in Table 1 and the Figures. Assays are pending for 24 surface drill holes and 82 underground holes with the majority of the latter being short (< 50 m) definition drill holes in the Main Gabbro Zone.

All figures and a table with drill hole information of recently completed holes can be found on the Company website.

Figure 1: Fenelon Gold, 1:3,000 Scale Plan view

Figure 2: Fenelon Gold, Andromeda Corridor Long Section

Figure 3: Fenelon Gold, Tabasco Zone Long Section

Figure 4: Fenelon Gold, Cross Section 9900_E

Figure 5: Fenelon Gold, Cross Section 9975_E

Figure 6: Fenelon Gold, Cross Section 10050_E

Figure 7: Fenelon Gold, Cross Section 10125_E

Figure 8: Fenelon Gold, Cross Section 10200_E

Figure 9: Fenelon Gold, Cross Section 10275_E

Table 1. Wallbridge Fenelon Gold Property 2019 Drill Assay Highlights (1)

Drill Hole

From

To

From

To

Length

Au

Au Cut(2)

VG(3)

Zone/Corridor

 

(m)

(m)

(m)

(m)

(m)

(g/t)

(g/t)

 

 

19-0915-003

No assays greater than 1 g/t Au.

19-0915-007

4.40

5.60

 

 

1.20

2.28

2.28

 

Guntur

19-0915-007

64.60

65.60

 

 

1.00

1.18

1.18

 

Area 51, Andromeda

19-0915-008

No assays greater than 1 g/t Au.

19-0915-011

7.20

9.30

 

 

2.10

1.30

1.30

 

Guntur

19-0915-011

21.72

23.22

 

 

1.50

1.63

1.63

 

Area 51, Andromeda

19-0915-011

277.86

279.09

 

 

1.23

1.11

1.11

 

Area 51, Andromeda

19-0915-011

283.12

283.65

 

 

0.53

1.68

1.68

 

Area 51, Andromeda

19-0915-011

292.04

293.60

 

 

1.56

3.88

3.88

 

Area 51, Andromeda

19-0915-011

Including...

292.95

293.60

0.65

8.14

8.14

 

Area 51, Andromeda

19-0915-011

365.60

497.60

 

 

132.00

1.01

1.01

 

Area 51, Andromeda

19-0915-011

Including...

365.60

369.71

4.11

2.68

2.68

 

Area 51, Andromeda

19-0915-011

And...

406.14

410.02

3.88

20.05

20.05

 

Area 51, Andromeda

19-0915-011

Which Includes...

409.35

410.02

0.67

101.00

101.00

VG

Area 51, Andromeda

19-0915-011

And...

463.50

471.30

7.80

2.35

2.35

 

Area 51, Andromeda

19-0915-011

Which Includes...

466.09

467.00

0.91

15.48

15.48

 

Area 51, Andromeda

19-0915-011

And...

496.94

497.60

0.66

8.85

8.85

 

Area 51, Andromeda

19-0915-011

510.98

512.43

 

 

1.45

1.47

1.47

 

Area 51, Andromeda

19-0915-011

572.96

573.65

 

 

0.69

6.76

6.76

 

Area 51, Andromeda

19-0915-016

165.00

166.24

 

 

1.24

1.52

1.52

 

Area 51, Andromeda

19-0915-016

278.42

445.73

 

 

167.31

0.88

0.88

 

 

19-0915-016

Including...

278.42

279.09

0.67

18.81

18.81

VG

Area 51, Andromeda

19-0915-016

And...

308.30

313.52

5.22

1.83

1.83

 

Area 51, Andromeda

19-0915-016

And...

345.53

390.00

44.47

2.05

2.05

 

Area 51, Andromeda

19-0915-016

Which Includes...

345.53

351.82

6.29

6.81

6.81

 

Area 51, Andromeda

19-0915-016

And...

368.07

377.70

9.63

3.46

3.46

VG

Area 51, Andromeda

19-0915-016

And...

385.63

390.00

4.37

2.11

2.11

VG

Area 51, Andromeda

19-0915-016

And...

400.40

400.92

0.52

1.09

1.09

 

Area 51, Andromeda

19-0915-016

And...

417.00

417.95

0.95

3.52

3.52

 

Area 51, Andromeda

19-0915-016

And...

427.40

428.00

0.60

3.15

3.15

VG

Area 51, Andromeda

19-0915-016

And...

444.00

445.73

1.73

10.40

10.40

VG

Area 51, Andromeda

19-0915-016

452.45

453.40

 

 

0.95

1.09

1.09

 

Area 51, Andromeda

19-0915-016

462.85

464.08

 

 

1.23

1.84

1.84

 

Area 51, Andromeda

19-0915-016

502.15

503.15

 

 

1.00

3.59

3.59

 

Area 51, Andromeda

19-0915-016

523.18

526.10

 

 

2.92

1.19

1.19

 

Area 51, Andromeda

19-1000-010

16.58

18.00

 

 

1.42

1.40

1.40

 

 

19-1000-011

No assays greater than 1 g/t Au.

19-1000-012

128.20

129.00

 

 

0.80

3.16

3.16

 

Main Gabbro, Naga V

19-1000-012

134.45

135.95

 

 

1.50

1.00

1.00

 

Main Gabbro, Naga V

19-1025-002

190.55

192.00

 

 

1.45

1.03

1.03

 

Main Gabbro, Naga V

19-1035-008

156.20

156.52

 

 

0.32

4.95

4.95

 

Main Gabbro, Serrano

19-1035-010

No assays greater than 1 g/t Au.

19-1035-011

No assays greater than 1 g/t Au.

19-1110-001

46.78

48.50

 

 

1.72

2.96

2.96

 

Main Gabbro, Serrano

19-1110-002

45.00

45.92

 

 

0.92

1.77

1.77

 

Main Gabbro, Serrano

19-1110-002

48.84

49.97

 

 

1.13

2.08

2.08

 

Main Gabbro, Serrano

19-1110-003

49.90

51.00

 

 

1.10

1.52

1.52

 

Main Gabbro, Serrano

19-1110-003

62.26

64.05

 

 

1.79

6.61

6.61

 

Main Gabbro, Serrano

19-1110-004

47.85

53.73

 

 

5.88

4.74

4.74

 

Main Gabbro, Serrano

19-1110-004

Including...

53.13

53.73

0.60

31.90

31.90

VG

Main Gabbro, Serrano

19-1110-005

45.00

51.73

 

 

6.73

2.95

2.95

 

Main Gabbro, Serrano

19-1110-006

45.00

48.00

 

 

3.00

3.18

3.18

 

Main Gabbro, Serrano

19-1110-007

48.00

49.00

 

 

1.00

7.68

7.68

 

Main Gabbro, Serrano

19-1110-008

45.02

52.06

 

 

7.04

1.75

1.75

 

Main Gabbro, Serrano

19-1110-009

No assays greater than 1 g/t Au.

19-1110-010

49.48

52.75

 

 

3.27

19.44

19.44

 

Main Gabbro, Serrano

19-1110-010

Including...

51.20

52.00

0.80

65.20

65.20

VG

Main Gabbro, Serrano

19-1110-011

45.15

61.50

 

 

16.35

1.64

1.64

 

Main Gabbro, Serrano

19-1110-011

Including...

59.35

60.47

1.12

6.27

6.27

 

Main Gabbro, Serrano

FA-19-075

308.67

309.00

 

 

0.33

1.04

1.04

VG

Area 51, Andromeda

FA-19-075

418.26

428.67

 

 

10.41

1.10

1.10

 

Area 51, Andromeda

FA-19-075

Including...

418.26

419.32

1.06

5.71

5.71

VG

Area 51, Andromeda

FA-19-075

543.00

544.23

 

 

1.23

2.96

2.96

 

Area 51, Andromeda

FA-19-075

552.00

553.25

 

 

1.25

1.11

1.11

 

Area 51, Andromeda

FA-19-075

554.17

555.00

 

 

0.83

1.08

1.08

 

Area 51, Andromeda

FA-19-075

569.55

570.80

 

 

1.25

1.07

1.07

 

Area 51, Andromeda

FA-19-075

598.01

616.50

 

 

18.49

3.03

3.03

 

Lower Tabasco

FA-19-075

Including...

608.50

616.50

8.00

6.18

6.18

 

Lower Tabasco

FA-19-075

652.80

654.15

 

 

1.35

1.26

1.26

 

Cayenne

FA-19-078

668.00

669.00

 

 

1.00

1.56

1.56

 

Area 51, Andromeda

FA-19-078

679.97

680.69

 

 

0.72

5.56

5.56

 

Area 51, Andromeda

FA-19-078

690.47

705.59

 

 

15.12

1.35

1.35

 

Lower Tabasco

FA-19-078

Including...

704.51

705.59

1.08

11.03

11.03

 

Lower Tabasco

FA-19-078

725.50

726.00

 

 

0.50

1.21

1.21

 

Cayenne

FA-19-078

790.37

790.92

 

 

0.55

3.43

3.43

 

Cayenne

FA-19-079

144.65

145.47

 

 

0.82

1.33

1.33

 

Area 51, Andromeda

FA-19-079

181.60

190.70

 

 

9.10

2.01

2.01

 

Upper Tabasco

FA-19-079

Including...

188.02

188.80

0.78

10.78

10.78

 

Upper Tabasco

FA-19-079

237.20

238.00

 

 

0.80

1.84

1.84

 

Upper Tabasco

FA-19-080

87.91

88.87

 

 

0.96

1.22

1.22

 

Area 51, Andromeda

FA-19-080

112.03

112.63

 

 

0.60

4.29

4.29

 

Area 51, Andromeda

FA-19-080

131.84

202.83

 

 

70.99

1.21

1.21

 

Area 51, Andromeda

FA-19-080

Including...

131.84

139.13

7.29

5.13

5.13

 

Area 51, Andromeda

FA-19-080

And...

131.84

132.44

0.60

26.54

26.54

VG

Area 51, Andromeda

FA-19-080

And...

138.47

139.13

0.66

31.04

31.04

VG

Area 51, Andromeda

FA-19-080

And...

170.69

171.28

0.59

38.26

38.26

VG

Area 51, Andromeda

FA-19-080

And...

199.17

202.83

3.66

3.56

3.56

VG

Area 51, Andromeda

FA-19-080

319.05

322.88

 

 

3.83

5.72

5.72

 

Area 51, Andromeda

FA-19-080

Including...

319.05

320.40

1.35

9.29

9.29

 

Area 51, Andromeda

FA-19-080

341.70

342.28

 

 

0.58

1.59

1.59

 

Area 51, Andromeda

FA-19-080

358.15

360.70

 

 

2.55

2.66

2.66

 

Area 51, Andromeda

FA-19-080

396.92

398.34

 

 

1.42

1.59

1.59

 

Area 51, Andromeda

FA-19-080

409.91

411.78

 

 

1.87

11.21

11.21

VG

Area 51, Andromeda

FA-19-088

51.00

56.16

 

 

5.16

2.40

2.40

 

Area 51, Andromeda

FA-19-088

Including...

51.00

52.50

1.50

6.65

6.65

 

Area 51, Andromeda

FA-19-088

75.42

77.23

 

 

1.81

2.69

2.69

 

Area 51, Andromeda

FA-19-088

87.00

87.95

 

 

0.95

1.15

1.15

 

Area 51, Andromeda

FA-19-088

89.85

90.77

 

 

0.92

1.89

1.89

 

Area 51, Andromeda

FA-19-090

68.75

69.82

 

 

1.07

2.85

2.85

 

Area 51, Andromeda

FA-19-090

123.49

124.25

 

 

0.76

1.09

1.09

 

Area 51, Andromeda

FA-19-090

225.00

235.84

 

 

10.84

3.15

3.15

 

Area 51, Andromeda

FA-19-090

Including...

225.00

227.47

2.47

12.56

12.56

 

Area 51, Andromeda

FA-19-090

325.42

326.82

 

 

1.40

5.37

5.37

 

Area 51, Andromeda

FA-19-090

372.84

373.45

 

 

0.61

3.41

3.41

 

Area 51, Andromeda

FA-19-090

404.73

405.25

 

 

0.52

1.26

1.26

 

Area 51, Andromeda

FA-19-090

408.32

409.55

 

 

1.23

2.20

2.20

 

Area 51, Andromeda

FA-19-090

425.70

456.80

 

 

31.10

1.52

1.52

 

Area 51, Andromeda

FA-19-090

Including...

425.70

427.48

1.78

10.85

10.85

 

Area 51, Andromeda

FA-19-090

And...

455.20

456.80

1.60

13.56

13.56

 

Area 51, Andromeda

FA-19-090

521.48

528.00

 

 

6.52

1.39

1.39

 

Area 51, Andromeda

FA-19-090

566.60

575.32

 

 

8.72

1.38

1.38

 

Area 51, Andromeda

FA-19-090

Including...

574.52

575.32

0.80

8.87

8.87

 

Area 51, Andromeda

FA-19-090

606.96

607.50

 

 

0.54

1.93

1.93

VG

Area 51, Andromeda

FA-19-090

688.79

690.00

 

 

1.21

1.11

1.11

 

New zone

FA-19-092

433.84

435.25

 

 

1.41

1.46

1.46

 

Area 51, Andromeda

FA-19-092

478.16

482.45

 

 

4.29

2.70

2.70

 

Area 51, Andromeda

FA-19-092

494.64

495.50

 

 

0.86

1.05

1.05

 

Area 51, Andromeda

FA-19-092

499.33

499.95

 

 

0.62

2.41

2.41

 

Area 51, Andromeda

FA-19-092

508.78

516.90

 

 

8.12

2.31

2.31

 

Area 51, Andromeda

FA-19-092

Including...

512.01

512.63

0.62

13.63

13.63

 

Area 51, Andromeda

FA-19-092

And...

515.74

516.25

0.51

11.68

11.68

VG

Area 51, Andromeda

FA-19-092

560.11

560.90

 

 

0.79

1.98

1.98

 

Area 51, Andromeda

FA-19-092

564.31

565.53

 

 

1.22

1.23

1.23

 

Area 51, Andromeda

FA-19-092

580.15

581.51

 

 

1.36

1.00

1.00

 

Area 51, Andromeda

FA-19-092

587.05

607.00

 

 

19.95

1.53

1.53

 

Area 51, Andromeda

FA-19-092

Including...

606.15

607.00

0.85

13.81

13.81

 

Area 51, Andromeda

FA-19-092

638.65

646.78

 

 

8.13

2.20

2.20

VG

Area 51, Andromeda

FA-19-092

Including...

638.65

640.76

2.11

6.57

6.57

 

Area 51, Andromeda

FA-19-092

659.66

661.07

 

 

1.41

2.07

2.07

 

Area 51, Andromeda

FA-19-092

742.41

743.61

 

 

1.20

2.88

2.88

 

New Zone

FA-19-092

754.00

757.19

 

 

3.19

2.14

2.14

 

New Zone

FA-19-092

852.00

853.58

 

 

1.58

6.56

6.56

 

Cayenne

FA-19-099

69.00

69.50

 

 

0.50

3.44

3.44

 

Area 51, Andromeda

FA-19-099

148.39

149.87

 

 

1.48

1.16

1.16

 

Area 51, Andromeda

FA-19-099

327.21

328.44

 

 

1.23

2.26

2.26

 

Area 51, Andromeda

FA-19-099

389.49

390.00

 

 

0.51

1.54

1.54

 

Area 51, Andromeda

FA-19-099

414.00

415.16

 

 

1.16

1.70

1.70

 

Area 51, Andromeda

FA-19-099

435.00

435.78

 

 

0.78

2.91

2.91

Area 51, Andromeda

FA-19-099

446.71

447.43

 

 

0.72

5.23

5.23

 

Area 51, Andromeda

FA-19-099

614.69

623.03

 

 

8.34

1.29

1.29

 

Area 51, Andromeda

FA-19-099

Including...

616.92

617.56

0.64

6.67

6.67

 

Area 51, Andromeda

FA-19-099

643.40

662.32

 

 

18.92

1.86

1.86

 

Area 51, Andromeda

FA-19-099

Including...

658.79

662.32

3.53

7.73

7.73

 

Area 51, Andromeda

FA-19-099

689.00

690.00

 

 

1.00

4.44

4.44

 

Area 51, Andromeda

FA-19-099

724.00

724.57

 

 

0.57

2.48

2.48

 

Area 51, Andromeda

FA-19-099

732.15

736.17

 

 

4.02

1.16

1.16

 

Area 51, Andromeda

FA-19-099

746.11

746.71

 

 

0.60

1.28

1.28

 

Area 51, Andromeda

FA-19-099

767.18

768.00

 

 

0.82

3.48

3.48

 

Area 51, Andromeda

FA-19-099

781.38

782.14

 

 

0.76

1.03

1.03

 

Area 51, Andromeda

FA-19-099

786.00

787.20

 

 

1.20

1.24

1.24

 

Area 51, Andromeda

FA-19-099

818.49

819.29

 

 

0.80

1.02

1.02

 

Area 51, Andromeda

FA-19-099

847.10

847.85

 

 

0.75

2.18

2.18

 

Area 51, Andromeda

FA-19-099

894.51

895.15

 

 

0.64

4.87

4.87

 

Area 51, Andromeda

FA-19-099

901.84

903.00

 

 

1.16

1.34

1.34

 

Area 51, Andromeda

FA-19-099

910.03

910.66

 

 

0.63

7.39

7.39

 

Area 51, Andromeda

FA-19-099

950.90

951.55

 

 

0.65

4.01

4.01

VG

Area 51, Andromeda

FA-19-099

1008.45

1044.00

 

 

35.55

4.16

4.16

 

Lower Tabasco (4)

FA-19-099

Including...

1009.00

1016.50

7.50

6.95

6.95

VG

Lower Tabasco

FA-19-099

And...

1036.50

1044.00

7.50

6.72

6.72

 

Lower Tabasco

FA-19-099

1075.50

1076.50

 

 

1.00

1.01

1.01

 

Cayenne

FA-19-099

1083.25

1085.25

 

 

2.00

5.31

5.31

 

Cayenne

(1) Table includes only highlight assay results received since the latest press release.

(2) Au cut at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.

(3) Intervals containing visible gold ("VG").

(4) Interval changed from that previously reported in Wallbridge Press Release dated January 06, 2020 after receiving further surrounding assay results.

Note: True widths are estimated to be 50-80% of the reported core length intervals.

About the Fenelon Gold Property

The Fenelon Gold Property is located proximal to the Sunday Lake Deformation Zone, an emerging gold belt in northwestern Quebec. This major east-west structure in the northern Abitibi greenstone belt hosts the Detour Lake mine, and is very similar to other breaks controlling world-class gold camps in the southern Abitibi, yet it remains underexplored due to thick glacial cover.

At Fenelon, secondary splays of the Sunday Lake Deformation Zone have controlled the emplacement of a significant gold system along and within the Jeremie Pluton. Historically, exploration has focused on high-grade shear zones hosted in the Main Gabbro, and this is where Wallbridge completed a bulk sample of 33,500 tonnes grading 18.49 g/t gold.

In late 2018, exploration drilling discovered a new geologic setting with extensive vein- and shear-hosted gold mineralization along and within the pluton, naming it Area 51. The 75,000 m 2019 drill program has proven the connectivity of Area 51 through the sediment-hosted Tabasco and Cayenne Zones to the Main Gabbro and has significantly expanded the footprint and depth extent of the Fenelon gold system. The ongoing, fully funded 100,000 to 120,000 metre 2020 drill program is aiming to further define the size potential of the deposit and complete in-fill drilling in support of a maiden 43-101 resource estimate.

Assay QA/QC and Qualified Persons

Drill core samples from the ongoing drill program at Fenelon are cut and bagged either on site or by contractors and transported to either SGS Canada Inc. or ALS Canada Ltd for analysis. Samples, along with standards, blanks and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. or ALS Canada Ltd. laboratories. Samples are crushed to 90% or 95% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns or 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS. At SGS, samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and for additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to re-analysis for quality assurance and quality control.

The Qualified Person responsible for the technical content of this press release is Evan Slater, P.Geo., M.Sc., Senior Project Geologist of Wallbridge.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus annual gold production as well as organic growth through exploration and scalability.

The Company is currently developing its 100%-owned Fenelon Gold Property, which is located proximal to the Sunday Lake Deformation Zone, an emerging gold belt in northwestern Quebec with ongoing 100,000 to 120,000 m exploration drill program in 2020 and a 33,500-tonne bulk sample and 75,000 m drilling completed in 2019. Wallbridge is also pursuing additional advanced-stage projects which would add to the Company's near-term project pipeline. Wallbridge is also the operator of, and a 20% shareholder in, Loncan Canada Inc., a privately-held company with a large portfolio of nickel, copper, and PGM projects in Ontario's Sudbury Basin.

For further information please visit the Company's website at www.wallbridgemining.com or contact:

 

Wallbridge Mining Company Limited

Marz Kord, P. Eng., M. Sc., MBA

President & CEO

Tel: (705) 682-9297 ext. 251

Email:

 

Brian Penny

Chief Financial Officer

Tel: (416) 716-8346

Email:

 

This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.

Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.